Hillsborough County opportunity zone map, opportunity zone resources
Opportunity Zone incentives are a federal tax program designed to encourage long-term private investments in distressed communities. Opportunity Zones create a win-win outcome: tax incentives and solid returns to investors, and economic development and job creation that benefit the people who live and work in the targeted neighborhoods.
Hillsborough County has several designated Qualified Opportunity Zones, especially in the areas near the University of South Florida, Tampa International Airport, Ybor City, Palm River and Port of Tampa.
Map of Hillsborough County Opportunity Zones
How Opportunity Zones work
Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds. Opportunity Funds can be used on commercial and industrial real estate, housing, infrastructure, and existing or start-up businesses. For real estate projects to qualify for Opportunity Fund financing, the investment must result in the property being “substantially improved.”
Investments are eligible to obtain:
- A temporary tax deferral for capital gains invested in an Opportunity Fund.
- A step-up in basis for capital gains reinvested in an Opportunity Fund.
- A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in a qualified opportunity zone fund if the investment is held for at least 10 years.
Properties and investments in Opportunity Zones may also qualify for other state and local economic development programs.
If you are interested in learning more about projects or sites in which to invest through the Opportunity Zone program, please email Jaksa Petrovic with Economic Development or call (813) 273-3719.